Energy company Thrive Renewables has raised £7.7 million through a bond offer in just a month.

Funds raised by the new bond will be used straight away to build two new onshore windfarms in Scotland with a combined capacity of 11MW. Once built, these will be able to generate enough electricity for 8720 homes. In addition, Thrive has a pipeline of 20MW of new wind projects and 15MW of solar PV which will include both community ground mounted and commercial roof sites.

More than a third of Thrive’s existing portfolio is in Scotland, including a major contribution to the construction of a three turbine, 7MW Wind Farm, near Kirkcaldy, in Fife, and a 50 per cent a share in a three turbine, 6MW wind farm development in West Lothian.

More recently Thrive’s ‘Buchan Bond , secured against two wind farms developed and built by Thrive in Strichen was the company’s fastest selling bond ever and the second fastest bond offer to reach target on the positive investment savings platform Ethex.

The new bond was the first unlisted bond to be eligible to be held in the new third ISA: the Innovative Finance ISA (IFISA). Over 50 per cent of the investors in the Thrive bond chose to hold their bonds in an IFISA and will receive their interest tax free.

The speed of the raise shows the significant demand for commercially viable and sustainable investments. Investors could invest online for a minimum of just £5 making this investment widely accessible to everyday investors. A total of 938 people invested, with a third of those existing share or bond holders, meaning Thrive has grown its investor community by some 600 people.

The bond, issued by Thrive Renewables plc on an unsecured basis, will pay 5 per cent gross interest per year with capital repaid in March 2024. Payment of interest and repayment of capital is not guaranteed and is dependent on the continued successful operation of the Thrive business model.

Matthew Clayton, managing director of Thrive Renewables, said: “This bond exceeded expectations. We had set a target of £7.5m by the close date of 27th February, so to have raised over this amount in just four weeks confirms that there is a significant appetite for investing in and supporting clean energy for future generations.

“Thrive exists to connect individuals with cleaner, smarter energy, allowing our investors to contribute directly to change. We are delighted to welcome another 600 new investors to the Thrive community and for the continued vote of confidence from our existing investors. The money raised through the bond will allow us to continue to grow our portfolio of renewable projects to delivering positive financial, environmental and social returns. ”

Thrive already generates enough clean electricity to meet the need of over 40,000 homes; the additional projects coming online as a result of this bond will boost a further 8,270 homes.

Dan Hird, head of the corporate finance team at Triodos Bank, which advised Thrive, said: “This is the fastest capital raise we have ever done. I think it captured people’s interest because of the strong brand and good track record of Thrive as a company, the impact it has as an organisation and the financial return – coupled with the ability to receive the interest tax free through the ISA.”

Thrive Renewables targeted £7.5m for this raise but will issue up to £10m of bonds through this offer. The bond second offer is still open with a minimum subscription amount of £90,000 and a final closing date of 27 February 2017.